Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD156(Coch.)
..... the same, namely, whether the assessee is a trading company as defined in section 109(iia) of the income-tax act, 1961 ('the act'). for the purpose of levy of additional tax on the undistributed income of certain companies under section 104 of the act, the rate of levy is 37 per cent in the case of a trading company and only 25 ..... in should be a trader in the sense that he buys and sells the commodities in question. it is also pointed out that under the kerala general sales tax act the auctioneer is also included in the definition of a tea dealer. on behalf of the assessce, reliance is placed on the appellate orders for the assessment ..... years 1976-77 and 1977-78. it is submitted that the definition of the term 'dealer' given under the kerala general sales tax act and similar definitions contained in other sales tax enactments cannot be taken into account here because those definitions are specifically made for the purpose of those enactments.6. we have carefully considered those .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1985)13ITD584(Coch.)
..... previous year ended on 31-3-1980.2. the dispute in the present appeal relates to the relief available to the assessee under section 80t of the income-tax act, 1961 ('the act') on a capital gain made by the assessee.3. during the previous year, the assessee sold certain properties situated within the cochin corporation area. the ..... from the earlier years or thereafter. there is a conflict of decisions on the question and the position has been clearly set out thus in chaturvedi and pithisaria's income-tax law, third edn., vol. 2: deduction under section 80t - whether to proceed set off of other losses or of unabsorbed carried forward capital loss ?--there is ..... 10 of the act. the deduction under section 80t relates to an income chargeable under the head 'capital gains'. it cannot operate with regard to an amount which does not form part of the amount chargeable under the head 'capital gains'. as already stated, the amount worked out under section 54 is not chargeable to income-tax and is not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)19ITD552(Coch.)
..... be fulfilled, viz., (b) that the same must not have been allowed in computing the company's profits for the purposes of the indian income-tax act, 1922 or the income-tax act, 1961.4. in the impugned order of the commissioner (appeals) it was the definite contention of the assessee that the provision for gratuity should be taken ..... that in computing the chargeable profits of a previous year, the total income computed for that year under the income-tax act shall be adjusted as follows : 1. income, profits and gains and other sums falling within the following clauses shall be excluded from such total income, namely :- (a) any sum which during the previous year is ..... was already made. section 14 of the companies (profits) surtax act, clearly states that where as a result of any order made under section 154 of the income-tax act, it is necessary to recompute the chargeable profits determined in any assessment under this act, the ito may proceed to recompute the chargeable profits, and determine .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1991)39ITD548(Coch.)
..... 1-7-198!) to 30-9-1981. this request was rejected by the income-tax officer on 12-11-1981. against this order, the assessee preferred a revision petition to the commissioner of income-tax, cochin. the commissioner of income-tax in his order dated 7-5-1983 under section 264 of the income-tax act, 1961, stated as follows:- 5. the assessee has been heard. it was pointed out ..... that the change of the previous year would not prejudice the interests of revenue. the income-tax officers denial was not based on any reason .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)40ITD507(Coch.)
..... transactions begun but unfinished at the time of dissolution. under section 189 of the income-tax act, 1961, where any business or profession carried on by a firm has been discontinued or where a firm is dissolved the income-tax officer shall make an assessment of the total income of the firm as if no such discontinuance or dissolution had taken place and ..... rs. 7,21,201 and thus arrived at a profit of rs. 78,799 and the same was brought to tax under section 41(2) of the it act. the assessee was aggrieved.2. before the appellate assistant commissioner of income-tax, it was contended by the assessee as follows: (i) the individual partners sold their shares separately and not jointly in ..... by section 2(24)(v) of the act, income will include any sum chargeable to income-tax under section 41 also.therefore, we hold that the dissolution had taken place during the previous year but still the firm can be assessed in respect .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)49ITD135(Coch.)
..... impugned amounts were to be allowed under section 36(1)(iii)or under section 37(1) or under section 57 or under section 67(3) of the income-tax act, 1961.besides the learned commissioner of income-tax was also of the view that the assessing officer has not examined whether the whole amount should be allowed or only a portion of it should be allowed ..... the records available to him in respect of any proceedings under the income-tax act, 1961; but the learned commissioner of income-tax has proceeded to invoke the jurisdiction on the basis of the wealth-tax records which are not records under the income-tax act.4. smt. susie b. varghese, the learned departmental representative submitted that income-tax and wealth-tax are supplementary and complementary to each other and, therefore, there was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1998)67ITD375(Coch.)
..... j. jacob.their arguments are taken into consideration.3. at the outset, the learned departmental representative, sri kuruvilla m. george has relied on the proviso to section 43b of the income-tax act, 1961, which reads as follows : "provided that nothing contained in this section shall apply in relation to any sum referred to in clause (a) or clause (c) or clause ..... calcutta high court decision as relied on by the assessee to submerge the real fact does not survive in the light of the clear provision in the income-tax act. he further submitted that the cit (appeals) erred in giving a decision in favour of the assessee on an incorrect reading of the proviso to section 43b.he therefore submitted that ..... the calcutta high court in modern fibotex india ltd.'s. case (supra) relied on by the assessee, is not in conformity with the clear provisions of the income-tax act. therefore, that case law cannot be applied to the instant case.6. sri kuruvilla m. george finally submitted that ever since the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2001)75ITD301(Coch.)
..... 5)(a) the capital gains could be considered for assessment for the assessment year 1993-94 only.sub-section (5) was inserted in section 45 of the income tax act by finance act, 1987 with effect from 1-4-1988. new sub-section (5) provided that the initial compensation awarded or determined or approved on compulsory acquisition of property shall ..... . 27,08,000 received by the assessee during the previous year ending on 31-3-1992 was assessable to capital gains under section 45(5)(a) of the income tax act. accordingly he computed the capital gains assessable for the assessment year 1992-93. as per the award, the assessee also became entitled to get interest from 1-9 ..... avail of the exemption for roll-over of capital gains, within the specified time period, through investment in specified assets.23.2 section 45 of the income tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset way of compulsory acquisition under any law shall be charged .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2004)91TTJ(Coch.)590
..... tax in the year of receipt of the compensation and that pending arbitration proceedings for enhancement of the compensation would not affect the liability to ..... on the decision of the apex court in the case of cit v. united provinces electric supply co. (2000) 244 itr 764 (sc). this is a case relating to acquisition of electricity undertaking and the apex court held in the context of section 41(2) of the income tax act relating to balancing charge that the profits became chargeable to ..... revised return filed by it. he came to the conclusion that after certain adjustments an amount of rs. 12,07,349 had to be brought to tax as interest income and not simply as part of contract receipts. it was argued before the assessing officer that the kseb had filed an appeal before the high court against .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2002)83ITD631(Coch.)
..... under the wealth-tax act it is to be computed under schedule iii. net maintainable rent is to be computed under rule 4 ..... been rendered in the income-tax of income-tax proceedings, the principle enunciated in these decisions would equally be applicable to proceedings under wealth-tax act also.11. replying to the above, the learned departmental representative submitted that in the computation of net wealth, income-tax proceedings are not at all relevant. section 24 of the income-tax act, 1961, enumerates the deductions allowable from income under the head 'income from house property'; whereas .....
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